“Among the BRICS, the only country they rate overweight is Russia. They also have an overweight on Turkey, South Africa, the Philippines, Peru, Indonesia and Hungary.”
(Actually, South Africa is one of the BRICS – that’s what the “S” stands for!)
But they are overweight on South Africa, meaning that they think that buying stocks of companies in, or foreign stocks (U.S. and European, etc.) that are plays on, South Africa would be a better buy, relative to many other countries that are neutral or underweight.
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“8 Reasons to Buy Emerging Markets”: http://blogs.barrons.com/emergingmarketsdaily/2016/10/12/8-reasons-to-buy-emerging-markets/